Are quick loans also given to pensioners?
Older people who have to live on a state pension
It is no secret that older people who have to live on a state pension can find it difficult, because there is only enough money each month from the state and finding an additional job at a certain age is becoming increasingly difficult. Like young people who, for a variety of reasons, do not have enough money to pay until their next salary, retirees often find it difficult to wait for their next month’s retirement payday, resulting in situations where they need to seek external help, such as quick loans. Is it possible for pensioners in Latvia to apply for fast loans offered by non-bank creditors and what are the conditions for such loans?
A pension is a regular income
Some older people live quite frugally, but there are times when pensions are not enough. Some people think that fast credits are only for young people who have a permanent job, but that is not the case as older people are more affected than young people by situations such as:
- Unexpected medical expenses;
- Need to buy expensive prescription drugs, vitamins;
- Need for surgery or other medical manipulation.
The thought of running out of money and not being able to pay for the necessary painkillers can be quite daunting, so it can surely be said that borrowing quick loans among retirees can be justified and might even be necessary, but what about lenders – are they practicing fast granting loans to people over retirement age?
When viewed from a business point of view, retirees can actually be considered as ideal clients of fast credit lenders because they will receive a pension every month – they have a regular income that will definitely remain so. In this case, the creditor does not have to think about the risks associated with the creditor becoming unemployed and, consequently, with his income. Therefore, it is not surprising that quick loans are also granted to people aged 62 and 9 (retirement age in Latvia).
Years are not a barrier – instant loans are available for people up to 65, 70, 75 and even 80!
Quick loans for retirees are granted by most lenders who have different age limits – there are a large number of lenders who provide quick loans under the age of 65, but there are also those who specialize in such loans and offer financial services to people under the age of 80.
Quick Loans should not be used for people who have problems with their monthly bills on a regular basis, as it is evidence of living beyond their means. This recommendation applies to all borrowers, regardless of their age, but especially to retirees, as non-payment of a loan on time can create additional stress that can lead to health problems. However, for someone who is in a situation where extra funds are really needed, fast credit may be one of the possible solutions. Always borrow responsibly !